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Author Topic: Why I don't Support KYC in cryptocurrency as it is  (Read 1353 times)
Hitesh shaveta ohri
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September 14, 2018, 03:16:00 PM
 #301

 I think, Apart from ICOs, some airdrops sometimes require KYC which are fake. Hence we give the information to the hackers. So it is not always safe.
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September 14, 2018, 03:28:24 PM
 #302

You are absolutely right, some KYC demands too much and I'm sometimes like what at all are they using it for, only God knows. But franly speaking KYC is not safe and we should be careful the people we hand out our data to.

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m.roth
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September 14, 2018, 03:45:46 PM
 #303


There's no law in most countries that determines whether or not cryptocurrency is legal. I think most crypto users just don't wanna be haunted by their past (for being a crypto user) once there's finally a law about it. Currently there's no law that says we have to disclose all of our crypto earnings and by the time that comes, you obviously want to stay as low-key as you can and put as little number as possible because otherwise it might raise suspicions. True that we don't do anything illegal in here but it's much better to play safe. Plus, there's just no explanation as to why KYC should be necessary in participating in a particular ICO. They really have nothing to do with our data anyway other than determining basic information like age, gender, ethnicity, etc.

Also, those that you have mentioned have nothing to do with cryptocurrency at all. All of them are being used by almost everybody.

I was just trying to point out the discrepancy between caring so much about data abuse from a kyc, but using other services (yes, which have nothing to do with crypto) so blindly. And as u say, almost everybody use those services.


Popular project =/= Legit Project =/= A project that will give you earnings. You can simply not participate in it. It depends on you which is more important, revealing your identity or participating in a project that may or may not turn out to be a scam and may or may not work out.

I totally agree, and I am not pro kyc per se, i just think an ICO has also the right to determine if they want to know who is investing in their project (irrespective of scams), especially if they establish their business in locations where it's already possible to act fully compliant with existing or new regulations.
Triwiyono
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September 14, 2018, 03:53:36 PM
 #304

your reason is quite reasonable. but if kyc is needed in a bounty program, I think it's not a problem if our data is safe. if we only upload an identity card, passport, can it harm us physically or materially ? in my opinion, kyc is important because it can reduce scammers who want to try to steal from us.

putrii
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September 14, 2018, 03:55:29 PM
 #305

Yes, you have a statement that has the truth because if you give your identity that is very confidential, maybe what you will get is only a loss so that you will experience a very high risk in the future.

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September 14, 2018, 03:59:49 PM
 #306

KYC is as risky as you pointed out. The ones that baffles me most is when airdrop program also demands for KYC.

Although have done some few kyc but am not really confident about the scheme to collect those information. Seems like everything is in the open in crypto

Is hard to trust the system really
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September 14, 2018, 08:27:19 PM
 #307

I agree that there is no security in the KYC process, but unfortunately this is the only form currently in the game if you participate in the ICOs that are released

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Xenophoto
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September 15, 2018, 02:37:40 PM
 #308

your reason is quite reasonable. but if kyc is needed in a bounty program, I think it's not a problem if our data is safe.

That's exactly what the problem is. We have no idea what they are going to do with the data after the ICO and we don't even know why is it so important to them that they had to require it in the first place.


if we only upload an identity card, passport, can it harm us physically or materially ? in my opinion, kyc is important because it can reduce scammers who want to try to steal from us.

Have you been watching the news? People's identity are being used online. For example, since you have uploaded an ID, the person to whom your data was sold or given to already has your ID as well as your name. They can go on Facebook, look up your name, take your photos, create a profile with your pictures, and do trades with people and they would look legit because they are able to upload your ID. Even in exchanges that uses IDs, they can use your ID there, or even when transacting with someone online that requires identification. There's so much people can do with your ID so I suggest to stay away from KYC requirements unless there is a solid reason as to why they are requiring it.
florianuhlemann
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September 17, 2018, 11:52:18 AM
 #309

I believe that it is impossible to guess what documents and to whom you can send. I believe that need this to do with files which not so are important

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September 17, 2018, 01:50:53 PM
 #310

everyone has opinions, including you. very many reject the use of KYC on each bounty because it is vulnerable to being misused but we cannot refuse it. the policy comes from the owner of the coin or the company that will release the coin that held the bounty. so that we can only obey the rules that have been made. KYC exists because many multiple accounts are registered on a bounty.
Actually we cannot 100% secure our data. For small things, for example, we have a car loan, of course using KYC to complete administration. To open a bank account, KYC must be completed. The problem is that fear of verified personal data will be misused for criminal activities.
Crypto one
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September 17, 2018, 02:35:39 PM
 #311

I have done KYC on a few exchanges, but I really don't like to give away personal information to random people on the Internet, so I will never give away KYC to ICO, right now 80% of all ICO are scams, and a lot of them wants KYC information. If you join new ICO regularly you can be sure your KYC information ends up in the wrong hands one day.
I can already  see people selling KYC information, and you can be sure than those KYD, know your developers, that some ICO now shows, use fake or stolen KYC info to pass those tests.

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